Soybeans Futures PricesTuesday, May 21st, 2013
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Latest Brugler Soybeans Report
Soybean futures closed lower, with the exception of nearby July. Meal futures are rising due to reduced US production and continued strong export interest. That has buyers chasing the old crop bushels in the cash, but also aiming for July futures delivery. Fearing a repeat of the May delivery process (no deliverable receipts available), the shorts are covering. Consulting firm Safras & Mercado cut its projection of Brazilian production to 82.5 MMT today. That is smaller than the USDA May estimate, but still 22% above last years crop. Oil World is projecting that US soybean imports this year will be 32 million bushels including the usual imports from Ontario and some from South America.
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